Latest Situation in Bitcoin and Cryptocurrencies
There was no significant price movement in Bitcoin this week and prices generally followed a horizontal course. However, current technical indicators suggest that a move is likely in the coming days. Especially on the 4-hour chart, a "Dead Cross" formation is observed. This is often interpreted as a harbinger of a downward trend. In the current situation, we can evaluate possible scenarios in Bitcoin prices.
As in previous similar cases, this Dead Cross formation may indicate a downtrend. However, before this decline, there may sometimes be a short-term upward movement. That is, Bitcoin prices may increase for a short time and then decline.
‣ Bitcoin (BTC) BTC/USD parity is trading at $42834 with an increase of 0.11% at the time of writing. Resistance levels for BTC are in the range of $43200 – $44300, while support levels are in the range of $42600 – $41800.
‣ Ethereum (ETH) ETH/USDT parity is trading at $2532 with an increase of 0.08% at the time of writing. Resistance levels for ETH lie in the range of $2540 – $2710, while support levels lie in the range of $2375 – $2145.
‣ Dydx (DYDX) DYDX/USDT parity is trading at $3.19 with an increase of 1.46% at the time of writing. Resistance levels for DYDX lie in the range of $3.45 – $4.18, while support levels lie in the range of $3.09 – $3.00.
‣ Jito (JTO) JTO/USDT parity is trading at $2.46 with a decrease of 3.75% at the time of writing. Resistance levels for JTO lie in the range of $2.85 – $3.11, while support levels lie in the range of $2.36 – $1.97.
‣ Arbitrum (ARB) ARB/USDT parity is trading at $1.95 with a decrease of 3.87% at the time of writing. Resistance levels for ARB lie in the range of $2.07 – $2.17, while support levels lie in the range of $1.86 – $1.74.
